Wills - Do I need a Will?
What if I have no Will?
If you do not have a Will, your estate is “intestate”. This means that your estate property is distributed according to a list set out legislation. This list may exclude a same-sex partner.
So, a written Will allows you to distribute your property according to your wishes without having to ‘prove’ a relationship.
And the beneficiaries are …
It is important to think about whom you want your ‘estate’ (i.e. money, property, assets and personal items) to be given to.
Can I ‘dispose’ of my property away in different ways?
Yes, you can give away your property in many ways including: transfers of cash, property, shares, clothes and personal possessions, specific gifts, life interests, legacies and children’s trusts.
What form does a Will take?
Although a Will can be in many forms, it must meet several specific requirements. Without these it becomes invalid and your estate is intestate.
Some of the formalities include: Your mental ‘capacity’, signatures, proper witnessing.
What else should I think about?
Some other matters to think about are:
- Who will administer (run) my estate and how will they do it?
- Who are the beneficiaries? What happens if they are under 18, or die first?
- Do I want organ donation?
- What kind of funeral ceremony and burial do I want?
And do not forget, please ensure your Will is up-to-date and changed every time something big or important in your life changes. This includes starting or ending a relationship, having or planning children, and buying or selling significant assets.